May 2023 Newsletter-Listing Inventory Staying Low Forcing Buyers To Be Patient!

With the beginning of May the trails are opening, and weather has been incredibly warm. Unfortunately, Alberta is experiencing wildfires especially up north however it was very close to home as a prescribed burn in Banff National Park got out of control but thankfully it was quickly brought back under control.  We are thankful for all the hard work fighting the fires and our thoughts are with those affected.

Our local market continues to have a substantial lack of inventory with the lowest number of active listings of any May on record. Comparing active listings, we are 46% lower than the average for May over the last 10 years. This lack of inventory is causing the number of buyers to build as many are waiting for the right property for them. When high demand properties are hitting the market, we are seeing multiple offers in some cases when we see a listing drop the price to a less aggressive asking price more in line with the market, we are also seeing multiple offers.

The number of sales is also down but that is directly related to inventory levels as well. The Average list to sale ratio (the percentage of the asking price that a property sells for) has is back above 99 percent which again can be related to the lack of inventory. Months of inventory is also showing the market to be a strong seller’s market less than 3 months of inventory.

If you have been thinking about selling or wondering how the last few years have affected your value, please let us know, we would love to connect and update you on your property and the current market.

 

See the full newsletter HERE